Suffolk County Accounting Firm Reacts to Article on Tax Savings Tips

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On January 5, Suffolk County accounting firm Diapoules & Feinstein, CPAs P.C. reacts to the CNBC article that provides tax saving tips as the year comes to a close and prepares taxpayers for changes in the New Year.

According to an article by Sharon Epperson for CNBC, as Washington continues the financial debate, there are multiple ways taxpayers can and should prepare for tax season.“While the ‘fiscal cliff’ debate continues, financial planners and tax experts agree many Americans should plan now for higher tax rates next year and beyond.” CNBC lists four ways taxpayers can cushion themselves against impending tax changes.

CNBC Senior Commodities Correspondent and Personal Finance Correspondent Sharon Epperson suggested numerous tax strategies, including “Convert a traditional IRA to a Roth account” and “Pay 2013 tuition now to get a big tax credit”. Additionally, she recommends speaking to a financial adviser first to choose the right approach.

According to Jim Diapoules, “It is obviously too late to do any tax planning for 2012 except for contributing to an IRA or SEP plan. Self-employed taxpayers and those not participating in an employer sponsored plan should consider contributing to either a traditional IRA or Roth IRA”

Diapoules & Feinstein CPAs P.C.have been providing accounting, auditing and tax services to Greater New York City area since 1989. D&F provides our clients with great personal attention and years of professional experience in order to see them succeed and help them to feel confident.